Frontera Resources reports new discoveries in Georgia
04 February 2010
Texas based oil and gas group Frontera Resources has completed drilling, coring and logging two new discovery wells in undeveloped areas of the Mirzaani Field, which lies within its Shallow Fields Production Unit on Block 12 in the country of Georgia.
The first well, Mirzaani #1, was drilled to a depth of 1,500 meters and encountered multiple oil and gas shows throughout 146 meters of net sandstones, in primary as well as deeper, secondary reservoir targets.
The second well, Mirzani #5, was drilled to a depth of 1,125 meters and encountered multiple oil and gas shows throughout 120 meters of net sandstones, also in primary as well as deeper, secondary reservoir targets.
Early stage production testing operations are underway at the Mirzaani #1 well and are about to start at the Mirzaani #5 well.
Frontera said that the reservoir sections in both wells exhibited higher than expected porosity and permeability values and yielded new geologic data that enhances previously held views regarding potential reservoir attributes.
Elsewhere, the company has completed the drilling of four new oil and gas development wells at the Mtsare Khevi Field, which also lies on Block 12, all of which encountered expected oil and gas reservoirs.
On a slightly sour note, Frontera said that completion of a gas pipeline and associated facilities to take as much as 100,000 cubic metres of gas per day from wells on the Mtsare Khevi field had been delayed. Expected completion has slipped from early in the first quarter of the year to late in the same quarter.
Frontera raised approximately $7.6 million in a share placing last September and is now channelling those funds into developing the Mirzaani and Mtsare Khevi fields in an effort to boost its production levels. Once finished, the programmes are expected to take production towards 1,000 barrels of oil equivalent per day (boepd), up from the current daily production rate of around 250 barrels.
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